How to record a foreign currency VAT payment in QBO

tendais · ‎May 11, 2022

Dear QBO community,

I need your help. Zimbabwe currently allows businesses to transact using multiple currencies. The main ones are the United States Dollar and the Zimbabwe Dollar. According to the law, VAT must be recorded and paid in the currency the transaction was conducted using.

Our main challenge is QBO does not seem to allow us to record VAT payments using foreign currencies. We have successfully recorded the payments made in our home currency, the Zimbabwe Dollar. But we are unable to record any payments made in United States Dollar (which is our primary foreign currency).

How can I best go about resolving this? Any guidance is sincerely appreciated.

tendais · ‎May 11, 2022

I have attached a screen shot to help others see the error message that we get when we try to process a VAT payment using a foreign currency.

Archie_B · ‎May 11, 2022

Welcome to the Community, tendais.

I'd like to share some information in using foreign currencies for VAT payments in QuickBooks Online.

QuickBooks supports multiple currencies to help you do business with foreign suppliers, customers, or employees. However, VAT payments will depend on your home currency.

You can check out these articles to learn more about the multicurrency feature in QuickBooks Online:

Keep me posted for any follow-up questions about VAT payments and multicurrency. I'll be here to help. Have a wonderful day!